Bitcoin Drops Below $30K For First Time In Month- CoinDesk


CoinDesk 19 July, 2021 - 10:18pm 29 views

When is GBTC unlock?

On July 18, the Grayscale Bitcoin Trust (GBTC) will be unlocking shares valued at 16,240 BTC. Economic TimesCrypto Week at a Glance: Crypto market feels the blues as GBTC shares unlock

Wall Street is seeing "too much froth" and current virus jitters are triggering widespread panic selling of every top performing asset, including bitcoin, said one analyst.

The cryptocurrency was trading around $29,998 at press time and is down about 5% over the past week.

Bitcoin has been locked in the broad price range of $30,000 to $40,000 since mid-May, and briefly broke below the $30,000 mark on June 22. The cryptocurrency fleetingly traded at $29,700 a day after the People’s Bank of China ordered the country’s major financial institutions to stop facilitating crypto transactions.

“I am expecting a strong dip towards $22K,” said Patrick Heusser, head of trading at Crypto Finance AG, in a telegram interview on Monday.

Wall Street is seeing “too much froth” and current virus jitters are triggering widespread panic selling of every top performing asset, with bitcoin being right at the top of this list, according to Edward Moya, senior market analyst at Oanda.

Moya said that bitcoin could be vulnerable to a flash crash towards the $20,000 level which “should attract many institutional buyers that have been waiting patiently on the sidelines,”

“If the stock market selloff intensifies, bitcoin and Ethereum will easily extend their declines,” said Moya.

Katie Stockton, founder and managing partner of Fairlead Strategies, said that the consolidation phase bitcoin is currently experiencing is “neutral.”

But in her view, she said, “a breakout is more likely than a breakdown.”

In April, the bitcoin network was “so vibrant, it wasn’t difficult supporting prices above $50K,” said Charles Morris, founder of ByteTree Asset Management.

However, in recent weeks, Morris said, the level of network activity has collapsed.

“Now it is more in keeping with a $15K bitcoin price than a $50K,” he said.

Bitcoin peaked just below $65,000 in mid-April.

Read full article at CoinDesk

Bitcoin posts outflow for 2nd straight week -CoinShares data

Yahoo Singapore News 19 July, 2021 - 11:33am

  NEW YORK (Reuters) - Bitcoin investment products and funds registered outflows for a second consecutive week, according to data from digital asset manager CoinShares released on Monday, highlighting investors' cautious sentiment on the cryptocurrency sector as prices continued to stall. 

  Bitcoin outflows hit $10.4 million in the week ended July 16, after outflows of $6.9 million the previous week. For the month of July, bitcoin outflows amounted to $15 million, though inflows for the year were still a robust $4.2 billion. 

  The overall crypto sector had net inflows of $2.9 million in the latest week, data showed. 

  The world's largest cryptocurrency in terms of market capitalization was down 12.1% in price this month. On Monday, it was testing a key support of $30,000 and was last down 3.4% at $30,694. 

  "Bitcoin is looking precarious and is trading lower alongside global markets as concerns of economic recovery rise," said Pankaj Balani, chief executive officer at derivatives trading platform Delta Exchange. 

  "The volatility has also started to spike up... We can see sharp moves on the downside if bitcoin breaks below $30,000 convincingly," he added. 

  That said, James Butterfill, investment strategist at CoinShares, pointed out that bitcoin outflows last week were minimal relative to May and June this year. He also believes that the timing of some of the crypto investment product launches, in which investors gained access for the first time, has led to recent profit-taking. 

  Ether-based investment products and funds, the token used for the Ethereum blockchain, had $11.7 million in net inflows last week. So far this year, ether inflows were close to $1 billion. 

  Ether's price, however, was down 20% against the U.S. dollar, and was last 4% weaker at $1,819. 

  Grayscale remains the largest crypto asset manager, but has seen its assets under supervision slide further, to $27.681 billion. 

  CoinShares, the second-biggest digital asset manager, saw its AUM dip to $3.1 billion from $3.3 billion the previous week. 

  (Reporting by Gertrude Chavez-Dreyfuss; Editing by Dan Grebler) 

Singapore will return to its Phase 2 (Heightened Alert) measures and ban dine-in at food and beverage (F&B) establishments from Thursday (22 July) to 18 August.

Taiwan on Tuesday announced it will set up an office in Lithuania using its colloquial name in a significant diplomatic departure that is bound to rile China.

Australia's two largest cities are set to stay under tight Covid-19 restrictions as Melbourne on Monday extended a five-day snap lockdown designed to curb a virulent outbreak.

China on Tuesday sharply denied US allegations it carried out a massive Microsoft hack, countering that Washington was the "world champion" of cyber attacks while raging at American allies for signing up to a rare joint statement of condemnation.

The Ministry of Health (MOH) on Monday (19 July) confirmed 172 new COVID-19 cases in Singapore, taking the country's total case count to 63,245.

The United States and Vietnam on Monday said they had reached an agreement to resolve a dispute over the value of Hanoi's dong currency, which Washington had briefly accused it of manipulating.Washington in April withdrew its accusation, but Vietnam remains on the US Treasury's "Monitoring List" for scrutiny of its currency policies.

A senior executive of real estate giant China Evergrande has appeared in court charged with attempting to rape a woman in a case linked to a hotpot dinner that was attended by three senior Hong Kong officials and violated Covid-19 rules. Chen Fen, 37, is accused of trying to assault the woman at her Happy Valley flat on March 2. He stood before Eastern Court on Monday when lawyers asked for a preliminary inquiry to be held to examine the strength of the prosecution case ahead of its transfer to

Just weeks after issuing new guidelines for co-existing with low levels of Covid, Singapore's government has tightened curbs after an outbreak at a karaoke.

The Chinese navy has made a distinct change in course in the last few years, doing fewer drills in distant waters to focus on one core issue: Taiwan. An assessment of Chinese naval drills in the past decade by the South China Morning Post indicates that the navy’s attention shifted in 2017, the year state media reported that the military began exercises to conquer and control islands. Until then, the navy ventured for training into the South China Sea, the western Pacific, the Soya Strait betwee

High coverage, no-fuss application and early benefit payout makes this a great plan for those seeking cancer protection. As many as 1 in 4 Singaporeans could develop cancer in their lifetimes. Hence, getting a protection plan specifically for cancer may be a prudent move, especially […] The post FWD Cancer Insurance (Review): Fuss-free Plan That Pays Out At All Stages appeared first on SingSaver Blog - We Compare, You Save.

President Joe Biden on Monday sought to tamp down concern about spiraling prices that threaten to dent the US economic recovery, saying the current inflation rise is "temporary" and not a long-term problem.

Bushra Shah, a 35-year-old Pakistani, says she is realising a childhood dream by making the great pilgrimage to Mecca, and under new rules she's doing it without a male "guardian".

Owner-occupiers, landlords and tenants, a heads up: These are some of the hottest home insurance promotions in the house right now. Are you an owner-occupier, landlord, or tenant? Regardless which one you are, you will benefit from home insurance. As we’ve discussed in our comprehensive […] The post Home Insurance Promotions And Discounts To Protect Your Home (July 2021) appeared first on SingSaver Blog - We Compare, You Save.

At least three rockets landed near the Afghan presidential palace on Tuesday as Ashraf Ghani and a group of other leaders marked the start of the Muslim holiday of Eid al-Adha with prayers in the garden.

American ice cream-maker Ben & Jerry's announced on Monday they would stop selling their ice cream in the occupied Palestinian territories, saying its sale "is inconsistent with our values."

ONE Championship™ (ONE) today announced the full card for ONE: BATTLEGROUND, which will broadcast live from the Singapore Indoor Stadium on Friday, 30 July. In the main event, reigning ONE Strawweight Muay Thai World Champion Sam-A Gaiyanghadao defends his World Title against Thai phenom Prajanchai PK.Saenchai Muaythaigym. In the co-main event, former two-division ONE World … Continue reading "ONE ‘BATTLEGROUND’ Event Series Bouts Revealed"

Refund CPF monies anytime through the CPF Voluntary Housing Refunds scheme and any CPF member can make partial refunds or a full refund. The post Refund CPF monies you used to buy a property even before you sell it appeared first on iCompareLoan.

Hong Kong’s civil service chief has said he will comply with rules on declaring interests following media reports his barrister son is representing a man charged with attempted rape after attending a controversial hotpot dinner with three senior security officials. Asked to confirm if his son was hired by the accused, a mainland Chinese businessman, Secretary for the Civil Service Patrick Nip Tak-kuen would only say he would continue to make the necessary declarations to the government to avoid

An off-duty veteran police officer died in what appeared to be an accidental fall from his flat in government housing in northern Hong Kong on Monday. Inspector Michael Yiu, 53, of the police public relations branch, fell from his 16th-floor flat at the Tsing Chung Koon Road Government Quarters in Tuen Mun just after 10.30am. According to the force, Yiu was unconscious when he was taken to Tuen Mun Hospital, where he was later certified dead.Do you have questions about the biggest topics and tre

Indonesians prayed outside mosques and slaughtered goats to commemorate a sombre Eid al-Adha festival on Tuesday despite efforts to stop mass gatherings as coronavirus deaths skyrocket.

Business Stories